Edmonton is an attractive market for first-time homebuyers: real estate agent
Posted June 25, 2022 11:55 am.
A realtor says national headlines about high home prices are misleading: Edmonton is an attractive place for first-time buyers.
“When they’re speaking of market prices, they’re not speaking of Edmonton in general, they’re generalizing using the two biggest cities in Canada,” said realtor Wally Fakhreddine.
Fakhreddine says national news centres around Toronto and Vancouver. He says Alberta – and particularly Edmonton – has a lot to offer young and first-time home buyers.
“Calgary is about 30 per cent higher in price points than we are,” said Fakhreddine. “It’s very easy to get into a nice home here for around the $400,000-$500,000 mark, which is the price point for a lot of first-time home buyers.”
A recent report from Sotheby’s shows Edmonton is the second most affordable city in North America when it comes to average rent prices. Winnipeg takes the top spot.
And with young Albertans in the 20s starting to enter the housing market, the report also shows 86 per cent of those surveyed in Calgary wanted to buy a home in the city.
Fakhreddine says work opportunities are bringing people to resource-rich Alberta instead of other parts of Canada.
“Alberta has always fared better economically than other parts of the country, and Edmonton in particular because it’s the gateway to the north. And that’s what’s bringing in people from other provinces – gainful employment, not just employment.”
